Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: 3.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESThe accompanying schedule of expenditures of federal award transactions of the Mount Carmel Housing, Inc., and is recorded on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement. Mount Carmel Housing, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
HOUSING FINANCE AGENCIES (HFA) RISK SHARING (14.188) - Balances outstanding at the end of the audit period were 5076799.